How to leverage FT offer
How would one go about leveraging a FT offer to get interviews/offers from other firms?
Thanks!
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Interested in this, too. I'm always reading about it, but don't really know how it works..
If you already have contacts at other firms, they jump all over you if you tell them you have an offer and they have room. When I went through the process, I didn't get any interviews until I got my offer, and then I wasn't rejected really. Just tell your contact that you got an offer and it expires whenever it expires, and you wanted to hear advice for how to proceed with that time frame and if anything would be possible. Depends on how close you are with your contact, but after networking for the summer and again for full-time with the same people, it became pretty casual and non-BS-y.
Ok, anyone with experience on how to use headhunters or proceed if one doesn´t have contacts?
Headhunters won't be very helpful with FT IBD recruiting. The reason PE uses them is because PE shops are much smaller, and don't have dedicated hiring squads like banks do.
If you get a FT return offer, generally the expiration date will be early November, which leaves you two routes:
Accelerated recruiting- call up contacts at other banks as soon as you get your offer, as many banks (GS, DB, etc.) will have a superday a couple days after offers are given out. Beware though, because finance is a small word, and if word gets back to your summer bank that you're interviewing around the day after your internship ends, and you don't in fact secure a slot at another bank, then things aren't looking too rosy for you when you start FT.
Just contact recruiters at the banks that you are interested in. Shoot an email or make a call. Get their contact info from friends, or friends of friends, or however else you can (one way is by attending info sessions, as banks generally bring along a recruiter).
Why exactly are you thinking about leveraging FT offers if most SA offers haven't even been given out yet? Have you signed already?
Thanks for the detailed info. No, I have not signed anywhere but was interested in the topic in general.
How does the process work for the PE shops? I have seen several people that work as an analyst at BX or Silver Lake and completed internships at BarCap, MS or GS - do these people just get called up by headhunters after the summer analyst stint ends or what?
No idea how it works for PE shops. Looking through the analyst profiles though, it seems exceedingly rare for this to happen. For example, Silver Lake NYC only has 3 analysts, and their backgrounds/internships are BX PE, GS TMT, and BarCap Energy (i.e. some of the top groups on the street), in addition to receiving lots of prestigious academic scholarships and accolades. If you have that kind of resume, then in all likelihood, the headhunters are contacting you, not vice versa. Obviously, I don't know your own stats, but in general, I wouldn't count on moving to a mega PE fund after just an SA stint.
Can someone more experienced chime in on the particular case of someone wanting to go into a mega fund right after SA?
Also another question: When actually interviewing at others banks afterwards, what would you answer when asked "Why us and not them?"
Leveraging a FT offer against your Summer bank? (Originally Posted: 04/08/2017)
Heard mixed opinions on this but what are people's opinions on hunting for FT offers before you start your summer in IBD?
Context is I have a bank that has expressed interest in putting me through early FT recruit but the bank I'm joining for summer has a much better reputation and I like the people more. Would it be worth it to get this FT offer then leverage it against my summer bank in order to get a FT offer earlier into the internship?
Your internship bank won't give you an expedited offer. They have a structure and a process, and it would be considered unethical with respect to other interns. If your internship bank does indeed have a better reputation, they won't feel pressured to give you an offer with respect to another bank.
That said, you will likely know informally whether you are getting an offer before the contract is on paper.
I'm not entirely sure there is a structured process for the office I'm going to be working for, they recruited much earlier than the head office and interviews were much different as well. In terms of league tables, the other bank is ahead but I was referring to other aspects of their work environment such as turnover and hours.
My office typically returns their interns for full time, so would it be worth it to recruit for other banks while I'm waiting for that offer in the off-chance they do not hire?
.
You have to recruit during your internship. When I went through most hiring was wrapped up by late August, and several firms had information sessions in June and July.
Just say that you're considering / exploring post-graduation opportunities.
Leveraging summer offer for FT group placement? (Originally Posted: 02/21/2007)
I understand the process can be very random for FT group placement, but is it at all possible to leverage your summer offer to get into a specific group at another bank? Or is it all basically luck/who you meet?
thoughts?
any?
I'm not an expert, but I don't think any of the experts will tell you that's impossible.
Leveraging FT offer from one BB S&T to another BB S&T (Originally Posted: 08/23/2016)
Hi Monkeys,
I got an return offer from a BB and decide to explore opportunities outside the firm. I contacted another BB's hr. He asked me why I still want to explore and whether it is because I don't like my current team.
How should I answer the question? I feel like the industry circle is quite small. If I say directly that I don't like my team, it will somehow be heard by hr at my current firm.
Please advise. Thank you!
Consider whether your job was specific to a certain product. If they put you in a sales desk and you want trading, say that. If you were put on a flow product but want to work on structured products, say that. Just be aware that there may not be vacancies in whatever you want to work in, so it might amount to nothing.
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